Asian markets mostly up, oil rallies as virus and Fed hold attention

HONG KONG (AFP): Asian markets mostly rose Wednesday (Dec 1) while oil prices bounced as traders assess the outlook for the global economy after top drugs makers offered differing opinions on their vaccines' efficacy against Omicron and the Federal Reserve took a hawkish pivot on monetary policy.

A mild recovery from the previous two days' steep losses was turned on its head in the region on Tuesday after Moderna head Stephane Bancel told the Financial Times that existing vaccines might not be as effective against the new Covid strain owing to its multitude of mutations.